Bahamas News

A delegation of businesses from the US state of Rhode Island is scheduled to visit The Bahamas this month seeking to development business relationships and foster greater trade.

According to Maureen Mezei, International Trade Director of the Rhode Island Economic Development Corporation (RIEDC), the delegation will focus its attention on possible opportunities in the areas of tourism, construction, food and education.

“Our goal is to develop business relationships between our two states. We are currently working with the Commercial Section of the US Embassy, which will be scheduling the individual business appointments for the participants,” said Mezei. She added that the RIEDC is responsible for recruiting those companies that will be involved in the trade mission, which is scheduled to visit The Bahamas on April 30.

The visit is part of the State Partnership Program (SPP) between The Bahamas and Rhode Island, which brings together US states and territories and partner nations through a wide range of military, civil-military and civil activities. Started in 1993, there are now 50 SPP partnerships worldwide, including The Bahamas.

The program came into being when Bahamian representatives were received by the Adjutant General for Rhode Island, Brigadier General John Enright, in December of 2005. This relationship was further cemented when a Senior Leader Delegation from Rhode Island visited The Bahamas in January of 2006. During this visit, the Rhode Island delegation and their counterparts from different Bahamian ministries and agencies laid the groundwork for a mutually beneficial relationship be-tween both parties.

Rhode Island companies last year exported $1.53 billion worth of goods, growing their foreign sales by 20.7 percent – including a big boost from the scrap metal and recycled materials industries.

“Everyone tends to become fixated with China because of the size of the market,” said Mezei, “but sometimes very small markets can be quite profitable for companies. There are some really good opportunities in The Bahamas. Rhode Island should get some really good entree into various sectors there.” And while The Bahamas is a small market, Mezei said, “it’s quite worthwhile for companies to be a bigger fish in a small pond.” For Rhode Island, whose manufacturing sector has struggled for decades, making the most of foreign markets for local companies is increasingly seen as crucial for economic growth, with smaller firms are looking for niches abroad.